Following recent voter approval of a referendum restricting a local property tax levy, Fitch Ratings this week downgraded $11.3 million of outstanding limited-tax general obligation debt issued by Troy and the Troy Municipal Building Authority to AA-plus from AAA.

Fitch also affirmed its AAA rating on the affluent Detroit suburb’s $31 million of unlimited-tax GO debt, and revised the outlooks to negative on both the limited- and unlimited-tax GOs.

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